Great Lakes Dredge & Dock Corporation (GLDD)

(NASDAQ: GLDD)

SUMMARY

 
 

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Great Lakes Dredge & Dock Corporation To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD).

The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that:  (1) Great Lakes was accounting for pending order changes as revenue although client acceptance had yet to be finalized; (2) the Company was improperly recognizing revenue for its demolition segment; (3) Great Lakes’ revenue was overstated; (4) the Company’s financial results were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); and (5) the Company lacked adequate internal and financial controls.

On March 14, 2013, Great Lakes announced that it would restate its second and third quarter 2012 results and that the Company’s President/Chief Operating Officer would be departing. The Company disclosed that it had identified instances where revenue was recognized in a manner inconsistent with the Company’s accounting policy in that certain pending change orders where client acceptance was not finalized were included as revenue. Great Lakes also disclosed that it will be reporting a material weakness in its internal controls concerning financial reporting. Upon this news, shares of Great Lakes stock fell 18%, to close at $7.36 per share on March 15, 2013.
 

Take Action

If you invested in Great Lakes stock or options between August 7, 2012 and March 14, 2013 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding Great Lake’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

 
 

Request Information

 
  Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you. If you want to be a Lead Plaintiff or join
this action now, please click HERE.
Case:Great Lakes Dredge & Dock Corporation (GLDD)
 
 
*Security code:
 
   
 
 

Contact Counsel

Richard W. Gonnello

Faruqi & Faruqi, LLP
369 Lexington Avenue 10th Floor
New York, NY 10017
Tel: (212) 983-9330
Email:  rgonnello@faruqilaw.com

Send Information

If you have information regarding this case that you would
like to make available, please click here to contact us
about our investigation

Case Details